CPF for Home Ownership

Source: Other CPF Schemes

Ordinary Account savings can be used to buy a home under the CPF Housing scheme.

• Public Housing Scheme - for HDB flats. You need to be insured under Home Protection Scheme (HPS)
• Residential Properties Scheme - for private properties
•  for full or partial payment of the property
• to service monthly housing payments
• You can use your Ordinary Account savings, and the future monthly CPF contributions in this account to buy a flat and/or pay the monthly instalments of the housing loan up to 100% of the Valuation Limit (VL). The VL is the lower of the purchase price or the value of the flat at the time of purchase.
• For members taking a bank loan to assist them in the purchase of a HDB flat, they are required to pay the first 5% of the downpayment in cash before they could use their CPF savings towards the purchase.

Making capital repayments or revising monthly instalment amount if you took a bank loan to pay for HDB flat

• instruct your financier, who has linked up with the Board, to liaise directly with the Board; or
• submit your application (HBL/3) directly to the Board.

To pay for stamp duty

• submit the HBL/1 application to the Board at least 10 days before the required payment due date.

Using CPF to pay for downpayment for an HDB flat financed by bank loan

• with effect from 1 Jan 2004, new buyers would have to pay Y% down payment by cash. The balance of the down payment (10% - Y ) can be paid using CPF
• The down payment is computed based on the Valuation Limit (VL)

Home Protection Scheme (HPS)

• a mortgage reducing insurance which insures CPF members and their families against losing their homes should members become physically / mentally incapacitated or pass away before their housing loans are paid up.
• you can apply to be insured if you are a CPF member and an owner of the flat
• you have to be insured under HPS if you are using your CPF savings to pay your monthly housing instalments on your HDB flat. 
• HPS cover is subject to your health condition. 
• HPS insures you up to 65 years of age or until your housing loan is paid up, whichever is earlier.

Application for HPS

• If you are taking a HDB loan, you may apply for Home Protection Scheme (HPS) at the same time as you are applying to withdraw your CPF for your HDB flat.
• If you are taking a bank loan, you can complete Form HBL, available at the banks, solicitors or any CPF Service Centres.
• you may apply for HPS cover online via my cpf Online Services -  My Requests